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Axco's insurance market report provides expert analysis, market insight, company performance data and market statistics for the Hungary non-life (property and casualty) market. The detailed report is produced following a visit to the country and interviews with industry professionals working in Hungary's insurance sector. Systematic updates are published throughout the cycle, to the latest developments in the Hungary non-life (P&C) market as well as trends by line of business. Axco analysts also report on Hungary's economic factors, the local political situation, and sections on climate, operational, and security risks. The report is suitable for insurers, reinsurance companies, brokers and insurance buyers.
The report describes Hungary's insurance regulations and requirements, including vital compliance requirements such as if non admitted insurance is permitted in Hungary, what are the local rules on licensing and detailing any relevant taxes and charges for the insurer and the insured.
View detailed analysis of local lines of business and sub-classes such as natural hazards, property, construction and machinery breakdown, motor, workers compensation & employers' liability and liability. The report lists the insurance companies operating in Hungary, their market share and investigates how much premium is written through the sector’s different distribution channels.
Statistics include five years of non-life (P&C) market performance indicators, including gross written premiums, premium growth, penetration, profitability ratios, and premium by line of business. Company statistics show who are the leading non-life insurance companies in Hungary with local company premiums, market share and year on year growth, expense ratios and retentions by line of business.
Hungary is an east European transition market which was admitted to the EU in 2004. Partly because of the prevalence of foreign insurers and foreign direct investors, the country has quite a developed and sophisticated insurance market: nearly 75% of households have household insurance; many large enterprises have business interruption cover; brokers control over 80% of the commercial lines market; and internet brokers are an important and accepted part of the motor third party liability (MTPL) and travel insurance markets.
In 2020 Hungary was the 49th largest non-life market in the world with gross written premiums of HUF 673.76bn (USD 2.26bn). Premiums grew by over 8% ....
This is a brief extract of information; more updated information may be available in the latest published report.